Petronet LNG Q1 PAT slides 11% to Rs 499 cr

Petronet LNG posted 11.1% decline in consolidated net profit to Rs 499.79 crore in Q1 June 2020 as against Rs 561.94 crore in Q1 June 2019.

Consolidated revenue from operations stood at Rs 4883.57 crore in Q1 June 2020, a decline of 43.3% over Rs 8,613.44 crore in Q1 June 2019. The result was announced after market hours yesterday, 17 August 2020.

Petronet LNG posted a profit before tax of Rs 676.16 crore in quarter ending June 2020, nearly 20% lower from Rs 839.59 crore in quarter ending June 2019. Total tax expense declined 36.4% to Rs 176.37 crore in Q1 June 2020 over Q1 June 2019.

The operations of the company were not materially interrupted during the lockdown due to outbreak of COVID-19, as natural gas is declared as one of the essential commodities by the Government of India. Petronet added that it has healthy liquidity position and there is no uncertainty in the going concern of the company.

Shares of Petronet LNG were up 4.07% at Rs 264.80 on BSE. The scrip traded in the range of Rs 262.60 to Rs 267.70 so far during the day.

Petronet LNG was formed as a joint venture by the Government of India to import LNG and set up LNG terminals in the country, involving India's leading oil and natural gas industry players like GAIL (India), ONGC, Indian Oil Corporation (IOCL) and BPCL.

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